Le Conseil d'Administration de Brembo approuve les r?sultats financiers au 31 mars 2007

DONNES CONFORMES AUX NORMES IAS/IFRS

Résultats du trimestre

Au cours de ce trimestre les ventes s'élèvent à 229,3 millions d'euros, soit + 13,8 % par rapport au même trimestre l'an dernier.

Bons résultats pour le segment des véhicules particuliers (+14,7 %) et celui de la vente de pièces de rechange.
Augmentation de 24 % des ventes de véhicules particuliers ce trimestre grâce au cycle positif de transport routier et à la progression de la production de la plate-forme DaimlerChrysler.
Le segment motocycles enregistre une hausse de 6,8 % de son chiffre d'affaires, celui des voitures de course une hausse de 5,5 %.

From a geographic point of view, very good growth in the German market (+24.2%) and the other UE countries (+30.5%) due to the positive evolution of after market and original equipment sales. A turnover increase recorded in the French market (+13.3%) and Italian market (+10.5%).
Brazil keeps on growing (+18.9%), while sales in Japan, expected to increase during the next twelve months, were slow during the quarter (-13.0%); sales in the NAFTA area (-10.2%) suffered the negative market trend.

In the quarter, the cost of sales and other operative costs amount to € 152.3 million, with an incidence of 66.4% on sales, compared to 65.1% of the same period of the previous year. The greater incidence is due to several factors: a different sales mix, in comparison with the same period of 2006, and a significant increase of costs of the main raw materials, all positioned around the all time peak.

The personnel expenses amount to € 43.5 million, +8.2% compared to the previous quarter, with an incidence on revenues that decreases from 20.0% to 19.0%.

EBITDA is up 11.3% and goes from € 30.0 million (14.9% of revenues) to € 33.4 million (14.6% of revenues), as a result of the above mentioned factors.

Depreciation and amortization in the quarter on approval amount to € 10.8 million, up 21.1% over 2006 first quarter. These are related to both investments made in the last quarters (i.e. polish foundry) and to capitalized development costs.

EBIT amounts to € 22.7 million, or 9.9% of sales, compared to € 21.1 million (10.5% of sales) in the same quarter of the previous year.

Net financial charges, amounting to € 31.1 million, are composed by negative exchange rate differences for € 0.6 million (2006 same quarter: negative for € 1.4 million) and financial charges for € 2.5 million (€ 1.6 million in 2006). The increase of financial charges is mainly due to the fact that the previous year included a positive fair value of a financial derivative instrument held for trading.

Estimated taxes for the quarter amounts to € 6.8 million, or 34.7% of income before taxes (39.2% in 2006 first quarter). The decrease of tax rate compared to 2006 is due to a different country mix of the consolidated taxable income.

The first quarter investments amount to € 10.1 million, mainly to gear up installed capacity in Italy in order to match the increasing demand.

Net financial indebtedness rises up to € 199.1 million at 31.03.2007, compared to € 193.3 million at 31.12.2006, due to an increase of working capital linked to the strong sales growth..

Significant Events After the Close of the Quarter

From a commercial point of view, in April Brembo reached an agreement with Toyota Motor Corporation for the supply of new Lexus IS-F.

No significant events occurred after the closing of the 2006 fourth quarter.Foreseeable evolution

The order portfolio seems to confirm a good performance of Brembo Group for the current year, but there is still a situation of tension on costs of raw materials and energy.

Please see attached schemes for further details on quarterly results.

For further information:

Investor Relations

Orsi Corrado
Tel. +39 035 605 2884
Fax +39 035 605 2518

Vavassori Roberto
Tel. +39 035 605 2223
e-mail: [email protected]

Media Relations:

De Marchi Gianfranco
Tel. +39 035 605 2576
Fax +39 035 605 2273
e-mail: [email protected]

www.brembo.com

CONSOLIDATED INCOME STATEMENT - IFRS

	A	B	(A-B)
(in million of euro)	31.03.2007	31.03.2006	CHANGE	%
Sales of good and services	229.3	201.5	27.8	13.8%
Other revenues and income	1.8	0.7	1.1	166.7%
Costs for capitalised internal works	2.6	2.8	(0.2)	-6.7%
Cost of raw materials, consumables, goods and change in inventories	(114.9)	(99.0)	(15.9)	16.1%
Other operating costs for production	(41.8)	(35.6)	(6.1)	17.2%
Personnel expenses	(43.5)	(40.2)	(3.3)	8.2%
GROSS OPERATING INCOME	33.4	30.0	3.4	11.3%
% of sales	14.6%	14.9%
Depreciation, amortization and other write-downs	(10.8)	(8.9)	(1.9)	21.1%
NET OPERATING INCOME	22.7	21.1	1.5	7.2%
% of sales	9.9%	10.5%
Net financial income (charges)	(3.1)	(2.7)	(0.4)	16.6%
Net financial income (charges) from investments	0.1	0.0	0.0	204.8%
INCOME BEFORE TAXES	19.6	18.5	1.1	6.0%
% of sales	8.6%	9.2%
Taxes	(6.8)	(7.3)	0.4	-6.1%
INCOME BEFORE MINORITY INTERESTS	12.8	11.2	1.6	13.9%
% of sales	5.6%	5.6%
Minority interests	(0.2)	(0.3)	0.1	-31.6%
NET INCOME (LOSS) FOR THE PERIOD	12.6	10.9	1.7	15.3%
% of sales	5.5%	5.4%
Earnings per share (euro)	0.19	0.16

CONSOLIDATED BALANCE SHEET - IFRS

	A	B	C	A-B	A-C
(in million of euro)	31.03.2007	31.12.2006	31.03.2006	CHANGE	CHANGE
ASSETS
NON-CURRENT ASSETS
Property, plant, equipment and other equipment	291.0	294.7	276.7	(3.7)	14.3
Development costs	26.9	25.3	20.6	1.6	6.3
Goodwill and other undefined useful life assets	15.3	15.5	14.9	(0.2)	0.4
Other intangible assets	6.3	6.5	5.2	(0.1)	1.1
Investments accounted for using the equity method	15.3	15.2	15.0	0.1	0.3
Other financial assets (investments in other companies and derivatives)	5.6	5.6	5.6	(0.1)	0.0
Other non-current assets	1.3	1.3	2.0	(0.0)	(0.7)
Deferred tax assets	7.1	7.2	2.7	(0.1)	4.4
TOTAL NON-CURRENT ASSETS	368.8	371.3	342.7	(2.5)	26.1
				(0.7%)	7.6%
CURRENT ASSETS
Inventories	144.4	146.6	145.8	(2.2)	(1.3)
Trade receivables and receivables from other Group companies	210.4	182.6	188.5	27.8	22.0
Other receivables and current assets	32.9	32.1	37.6	0.8	(4.6)
Financial current assets and derivatives	0.6	0.5	9.9	0.1	(9.3)
Cash and cash equivalents	49.4	40.7	33.7	8.7	15.7
TOTAL CURRENT ASSETS	437.8	402.6	415.4	35.3	22.4
				8.8%	5.4%
NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATI	0.0	0.4	0.0	(0.4)	0.0
				(100.0%)	0.0%
TOTAL ASSETS	806.6	774.3	758.1	32.3	48.5
EQUITY AND LIABILITIES
GROUP EQUITY
Share capital	34.7	34.7	34.7	0.0	0.0
Other reserves	106.3	107.6	120.8	(1.3)	(14.5)
Retained earnings	115.8	72.9	72.7	43.0	43.1
Profit / (loss) for the period	12.6	42.9	10.9	(30.4)	1.7
TOTAL GROUP EQUITY	269.5	258.1	239.1	11.3	30.3
				4.4%	12.7%
MINORITY INTERESTS	12.5	12.4	11.9	0.1	0.6
				0.6%	5.2%
TOTAL EQUITY	282.0	270.6	251.0	11.4	30.9
NON-CURRENT LIABILITIES
Non-current payables to banks	29.0	30.9	38.8	(1.9)	(9.8)
Other non-current financial payables	72.4	73.2	71.0	(0.8)	1.4
Other non-current payables	6.6	9.1	6.8	(2.5)	(0.2)
Provisions for contingencies and charges	4.6	5.0	3.2	(0.4)	1.4
Long term provisions for employee benefits	28.9	28.7	27.7	0.2	1.2
Deferred tax liabilities	20.8	20.1	17.0	0.7	3.8
TOTAL NON-CURRENT LIABILITIES	162.3	167.0	164.5	(4.7)	(2.2)
				(2.8%)	(1.3%)
CURRENT LIABILITIES
Current payables to banks	144.4	127.1	144.6	17.3	(0.2)
Other current financial payables	4.3	4.3	3.3	0.0	1.0
Trade payables and payables to other Group companies	160.6	161.1	153.0	(0.5)	7.6
Tax payables	11.0	7.5	4.5	3.6	6.5
Other current payables	42.0	36.9	37.2	5.2	4.9
TOTAL CURRENT LIABILITIES	362.4	336.8	342.6	25.6	19.8
				7.6%	5.8%
TOTAL EQUITY AND LIABILITIES	806.6	774.3	758.1	32.3	48.5

GROSS SALES BREAKDOWN BY GEOGRAPHICAL AREA AND APPLICATION

	A		B
GEOGRAPHICAL AREA	31.03.2007	%	31.03.2006	%	A-B	%
(in million of euro)
Italy	58.4	25.1%	52.9	25.8%	5.6	10.5%
Germany	63.2	27.1%	50.8	24.8%	12.3	24.2%
France	13.8	5.9%	12.2	6.0%	1.6	13.3%
United Kingdom	17.9	7.7%	16.7	8.2%	1.2	7.2%
Other EU countries	38.1	16.4%	29.2	14.3%	8.9	30.5%
NAFTA Countries	21.8	9.4%	24.3	11.9%	(2.5)	-10.2%
Asia	7.0	3.0%	8.0	3.9%	(1.0)	-13.0%
Brazil	7.2	3.1%	6.1	3.0%	1.2	18.9%
Other Countries	5.5	2.4%	4.5	2.2%	1.0	23.1%
Total	232.9	100.0%	204.6	100.0%	28.3	13.8%
	A		B
APPLICATION	31.03.2007	%	31.03.2006	%	A-B	%
(in million of euro)
Auto	140.4	60.3%	122.4	59.8%	18.0	14.7%
Motorbike	28.4	12.2%	26.6	13.0%	1.8	6.8%
Commercial Vehicles	37.1	15.9%	29.9	14.6%	7.2	24.0%
Racing	23.5	10.1%	22.3	10.9%	1.2	5.5%
Miscellaneous	3.4	1.5%	3.4	1.6%	0.1	2.5%
Total	232.9	100.0%	204.6	100.0%	28.3	13.8%

(graphics are available in attachment)

	Q1 '06	Q2 '06	Q3 '06	Q4 '06	Q1 '07
Net operating income/Sales	10.5%	11.2%	8.9%	8.7%	9.9%
Income before taxes/Sales	9.2%	9.9%	6.3%	9.3%	8.6%
Capital Expenditure/Sales	7.7%	10.5%	8.7%	14.6%	4.4%
Net Financial indebtedness/Shareholders' equity	88.5%	99.4%	93.7%	71.4%	70.6%
Financial charges/Sales	1.3%	1.3%	2.7%	-0.4%	1.4%
Financial charges/Net Operating Income	12.6%	11.3%	29.8%	-5.1%	13.7%
ROI	16.0%	16.9%	15.1%	14.4%	16.9%
ROE	17.0%	19.0%	12.8%	19.5%	17.2%